Brandywine's Strategic Commodity ETF Bets
Brandywine Financial Group Boosts Commodity and Mining Exposure with New Q1 ETF Purchases
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Key Points
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Flow Traders U.S. LLC added a new stake in Teucrium Agricultural Strategy No K-1 ETF (TILL) in the second quarter, with a value of about $215,000.
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Teucrium Agricultural Strategy No K-1 ETF (TILL) is an actively managed fund that holds four agricultural futures (corn, wheat, soybeans, and sugar) and selects contracts based on the futures curve to minimize contango; it launched on May 16, 2022.
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UBS Group AG boosted its Amplify Junior Silver Miners ETF (SILJ) stake by 427.3% in the fourth quarter, bringing total holdings to about 1,147,074 shares after purchasing an additional 929,543 shares.
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Royal Bank of Canada increased its position in Sprott Uranium Miners ETF (URNM) by 1.1% in the first quarter, now owning 121,836 shares valued at about $7.7 million.
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Global X Copper Miners ETF (COPX) opened at $78.86; Brandywine held 89,487 shares valued at about $6.83 million, with COPX's 50-day moving average around $80.63 and the 200-day moving average around $82.37.
Brandywine Financial Group made a major push into commodity and resource markets in the first quarter, buying new positions in five exchange-traded funds worth a combined roughly $48.5 million. The firm's largest single bet was 853,915 shares of the Teucrium Agricultural Strategy No K-1 ETF (TILL), valued at about $15.8 million, according to Ticker Report.
The purchases span agricultural futures, silver mining, uranium mining, copper mining, and gold mining. Together, they signal a clear strategic shift toward materials and natural resources at Brandywine.
TILL and SILJ Lead Brandywine's New Commodity Bets
TILL became Brandywine's largest new holding, making up about 13.4% of the ETF position. The fund holds futures contracts for corn, wheat, soybeans, and sugar. It picks contracts based on the futures curve to reduce contango — a condition where longer-dated futures cost more than near-term ones, which erodes returns over time. TILL launched on May 16, 2022, according to Watchlist News.
Brandywine's second-largest new stake was 457,416 shares of the Amplify Junior Silver Miners ETF (SILJ), worth about $13.6 million. Junior silver miners are smaller companies still in the exploration or early production phase. The firm was not alone in eyeing SILJ — UBS Group AG raised its own SILJ position by 427.3% in the fourth quarter, adding 929,543 shares to reach a total of about 1,147,074 shares, per Watchlist News.
Uranium, Copper, and Gold Round Out the Portfolio Push
Brandywine also bought 111,685 shares of the Sprott Uranium Miners ETF (URNM) for roughly $7.05 million. Uranium miners have drawn growing attention as demand for nuclear energy climbs. Royal Bank of Canada also added to its URNM position in the first quarter, raising its stake by 1.1% to 121,836 shares worth about $7.7 million, according to Ticker Report.
The firm rounded out its purchases with 89,487 shares of Global X Copper Miners ETF (COPX), valued at about $6.83 million, and 43,755 shares of VanEck Junior Gold Miners ETF (GDXJ) for around $5.25 million. COPX ranked ninth in Brandywine's portfolio and GDXJ ranked twelfth. COPX opened at $78.86, below its 50-day moving average of $80.63 and its 200-day moving average of $82.37, per Watchlist News.
Other Funds Also Circling These Same ETFs
Brandywine was not the only firm moving into these funds. Flow Traders U.S. LLC opened a new position in TILL during the second quarter, though its stake was much smaller — about $215,000. That activity shows continued institutional interest in agricultural commodity ETFs even after the first quarter.
The pattern across multiple firms points to a broader institutional appetite for hard assets and resource-linked investments. Rising interest in uranium, copper, silver, and agricultural commodities reflects growing bets on energy transition metals and inflation-linked goods, according to Ticker Report.
What Brandywine's Moves Mean for Its Overall Strategy
Before these purchases, Brandywine's portfolio had no exposure to these five ETFs. Adding nearly $48.5 million across five funds in a single quarter is a sharp pivot. The firm is now spread across five distinct commodity categories — agriculture, silver, gold, uranium, and copper — all in one move.
The tilt toward junior miners — both in silver (SILJ) and gold (GDXJ) — adds extra risk but also extra upside potential. Junior miners tend to move more sharply than large producers when commodity prices rise. That makes these bets a high-conviction call on rising materials prices, according to Ticker Report.
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